MANAMA, 16 March 2005 — Arab Banking Corporation (ABC) has closed syndication for the Bank Mellat $240 million five-year amortizing syndicated term advance guaranteed by the Ministry of Economic Affairs and Finance of Iran. The facility was fully underwritten and arranged by ABC. Syndication received strong interest from regional and international banks, with new banks signing participation agreements effective yesterday (March 15). Facility documentation had been previously signed by senior representatives from ABC, Bank Mellat, the Central Bank of Iran and the Ministry of Economic Affairs and Finance at ABC’s headquarters in Bahrain. Proceeds are being used for the reconstruction and integration of municipality buildings in six designated districts of Iran, including the city of Tehran.
The facility represents a landmark financing on behalf of Iran, according to a press release form Arab Banking Corporation.